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Cosco Shipping Leasing secures in $290m loans from Chinese banks

Cosco Shipping Leasing secures in $290m loans from Chinese banks
Cosco Shipping Leasing, wholly-owned by Cosco Shipping Development, has secured loans worth RMB2bn ($289.7m) from China Bohai Bank and Bank of Nanjing.

China Bohai Bank’s Shanghai branch will extend a one-year loan of RMB500m and a three-year loan of RMB1bn to Cosco Shipping Leasing, while Bank of Nanjing’s Shanghai branch has offered a one-year loan of RMB500m.

Cosco Shipping Development announced that it will act as the guarantor for the loans.

Up until 7 March 2017, Cosco Shipping Development has guaranteed RMB1.17bn worth of loans for Cosco Shipping Leasing.

Cosco Shipping Development is the leasing business and ship financing arm of the parent group China Cosco Shipping Corporation Limited (Cosco Shipping), formed from the merger of shipping giants Cosco and China Shipping.

To know more about the merger of Cosco and China Shipping, click here.

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